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Banking Industry
Robert Zadrazil Takes Over the Helm of Bank Austria from Willibald Cernko
After having been board member of Bank Austria for ten years, Robert Zadrazil (45) will now step it up and replace Willibald Cernko (59) who will step down as of 1 March 2016. The bank speaks of a generation change.
January 18, 2016
UniCredit Final Restructuring Program on Bank Austria's Retail Business
UniCredit announced a major step in its strategic plan execution, by launching a profound restructuring program on its Austrian retail business that will enable Bank Austria to develop its business in a sustainable way, while bringing down significantly its cost income ratio. The restructuring plan will allow to reduce by 2018 Bank Austria's overall costs by € 150mn per year on an ongoing basis on top of the Strategic Plan and with main focus on personnel expenses, leading to an overall cost decrease by almost € 300mn versus 2014 in order to ensure the business sustainability in the long-run.
December 15, 2015
IMF Report: Austria Should Make Cuts in Healthcare, Education, Pensions, Banks Should Raise Equity
Austria's outlook suggests a moderate improvement. The latest IMF report recommends Austria to conduct broad cuts in such areas of spending as healthcare, education and pensions. Also, Austrian banks should raise equity. Unemployment, although rising, has remained moderate at below 6 percent. Strengthening private consumption, investment, and exports are expected to raise growth to about 1½ percent in 2016. The current account surplus exceeds 2 percent of GDP thanks to sustained price competitiveness and robust tourism inflows. The authorities have made significant progress in revamping the regulatory framework for the banking sector. However challenges remain and further measures need to be taken. Therefore the IMF suggests three policy priorities: expenditure reforms, integrate immigrants into the Austrian economy and further strengthen financial sector resilience.
December 14, 2015
Large Securitisation Deal between EIB and UniCredit Leasing Austria
EIB participates in securitisation transaction of UniCredit Leasing Austria with EUR 230.9 mil. The European Investment Bank (EIB) will make available EUR 230.9 million to UniCredit Leasing Austria through the purchase of asset-backed securities (ABS).
November 24, 2015
Bank Austria Posts Net Profit of EUR 660 Million for the First Nine Months
UniCredit Bank Austria announced that net profit in the three months to end-September dropped to 172 million euros from 291 million in the previous three months. As reported, the bank plans to terminate up to 14,000 jobs and restructure or exit its retail business in Austria and leasing operations in Italy as it seeks to strengthen its equity.
November 11, 2015
UniCredit - Bank Austria: CEE Operations Move from Vienna to Milan - Retail Business to be Sold or Restructured
Until the end of 2016, all CEE interests with currently 48,000 employees have to be transferred to Milan. Until now this division has been the most important earner for Bank Austria. The 13 banking subsidiaries of Bank Austria in Eastern and Southeastern Europe employ nearly 48,000 people - and thus the majority of the approximately 57,000 employees of Bank Austria. The retail banking business of in Austria with 1.6 million customers has to be sold or restructured, Unicredit announced in the afternoon.
November 11, 2015
Tensions Prior to Announcement of the UniCredit Savings Plans
It is rumored that the groupwide reduction of up to 14,000 jobs will be announced today. It is also about the future of Bank Austria. Bank Austria's parent UniCredit may withdraw the group's CEE head office from Vienna.
November 11, 2015
Insolvent DIY Chain BauMax Ended Its Operations
Insolvent DIY chain BauMax ended its operations completely on Friday with many stores sold to Obi of Germany. Seven stores did not attract a buyer. Some 700 employees in total are at risk of losing their jobs.
October 30, 2015
Meinl Bank: Stephen Coleman to Become New CEO
Stephen Coleman will replace Günter Weiss, who must vacate his seat due to a ruling from the Austrian Financial Market Authority (FMA).
October 23, 2015
Bank of China to Open Branch in Vienna
Bank of China, one of the 5 biggest state-owned commercial banks in China intends to open its first branch in Vienna in the near future, as its Chairman Tian Guoli recently said while visiting Vienna.
October 16, 2015
Erste Group Presents Net Profit of EUR 487.2 Million in H1 15
Erste Group closed the first half of 2015 with positive results, reflected in strong improvements in profitability, asset quality, lending and capital. The group reported a net profit of EUR 487.2 million in H1 2015, compared to a negative result of EUR -929.7 million in the similar period last year; all countries except Hungary made a positive contribution to this development. Total assets increased to EUR 197.5 billion, compared to EUR 196.3 billion at the end of 2014. This balance sheet growth reflects a 2.2% advance in net lending to customers compared to the end of 2014, to EUR 123.5 billion, supported by the 1.7% growth in loans to households, 2.0% to SMEs and 5.9% to large corporates.
August 7, 2015
German Creditor Pool Brings EUR 1 Bln Action Against Heta Before Frankfurt Regional Court
The lawsuit demands almost EUR 1 billion and is brought in Frankfurt/Main against asset resolution company Heta. The creditor pool consists largely of German creditors which demand immediate repayment of bonds and promissory note loans.
July 16, 2015
Erste Bank und Sparkassen Increase Operating Earnings by 16 Percent to EUR 947 Mln
Erste Bank und Sparkassen have concluded the year 2014 with a successful result. Operating Earnings increase from EUR 817.2 million to EUR 947.2 million.
March 6, 2015
UniCredit Private Banking Receives Euromoney Awards
UniCredit Private Banking has been recognized for its services, winning 14 awards in different regional and local categories in Euromoney magazine´s Private Banking Survey 2015.
February 10, 2015
Global Finance Awards Bank Austria "Best Trade Finance Bank"
US-based finance magazine Global Finance has named Bank Austria the "Best Trade Finance Bank" in Austria for 2015 based on an annual survey of analysts, managers and technology experts in 84 countries.The main criteria used to select the winners were transaction volume, geographical reach, customer service, competitive pricing and innovative technologies.
January 22, 2015
ECB Unleashes Quantitative Easing - How does it work?
Today, the ECB finally commenced on a large scale sovereign bond-buying programme. The €60bn monthly asset purchases include covered bonds and asset backed securities. Due to the flood of cheap money, the DAX was boosted. The index increased by up to one per cent to a record high of 10,399.67 points. Quantitative easing is a monetary policy where a central bank creates new money electronically to buy financial assets. The aim is to stimulate an economy when standard monetary policy has become ineffective. How does it work?
January 22, 2015
BAWAG PSK Bank Sets-up London Branch Office
BAWAG PSK, the Cerberus and Golden Tree majority-owned Austrian bank, recently opened a branch office in London to help develop "its international business franchise", i.e. corporate finance, specialty finance and commercial real estate finance, Bawag's interim report Q3 2014 shows.
November 13, 2014
UniCredit Bank Austria Appoints Vivaldi as Head of its CEE Division
UniCredit has appointed Mr. Carlo Vivaldi as the Head of Central & Eastern Europe (CEE) Division. In this function Mr. Vivaldi will succeed Mr. Gianni Franco Papa, who has already been designated in August. In view of the appointment resolved today by UniCredit Board, the Supervisory Board of Bank Austria will be called upon to approve the appointment of Mr. Vivaldi also in the bank's Management Board.
November 11, 2014
Who is Private Equity Investor Advent International?
Advent International is an American global private equity firm focused on buyouts of companies in Western and Central Europe, North America, Latin America and Asia. The firm focuses on international buyouts, growth and strategic restructuring in five core sectors. In 2008 the firm raised an additional €1 billion for investments in Central and Eastern Europe. Advent has acquired a number of companies in Central and Eastern Europe through its dedicated regional funds. These include Romanian Ceramica IASI, one of Romania’s leading ceramic bricks and clay roof tiles producers, Bolix, a leading Polish producer of construction chemicals, Dufa Deutek, Romania’s largest decorative paints producer, and LaborMed Pharma, which manufactures and distributes generic pharmaceuticals primarily for cardiovascular and central nervous system aliments, and now Hypo Group Alpe Adria's Balkan assets.
October 30, 2014
Axel Hummel Appointed CEO of Sberbank Europe
Sberbank Europe AG announces the appointment of Axel Hummel as its new CEO, following the resignation of Mark Arnold. The appointment is effective 22 October 2014, subject to regulatory approval. Sberbank Europe AG is based in Vienna.
October 27, 2014
RBI Revises Expected Provisioning Requirement
Vienna based Raiffeisen Bank International AG (RBI) has revised its outlook for the net provisioning requirement for the current financial year to between EUR 1,500 and EUR 1,700 million, primarily due to higher expected risk costs in Ukraine in light of ongoing political tensions in the region.
September 23, 2014
OVAG to Merge With Another Bank?
A merger or collaboration of some sort with another bank may be in sight for Austrian bank group Osterreichische Volksbank AG (ÖVAG), Standard daily reports in its Tuesday issue. US investment bank Lazard is on lookout for offers.
September 9, 2014
RBI Redeems Participation Capital
Raiffeisen Bank International AG (RBI) is now also repaying the privately-placed participation capital. On 6 June 2014, RBI paid back the state-held tranche of the participation capital with a nominal value of € 1.75 billion. On 10 September, the repayment of the outstanding participation capital held by private investors with a nominal value of € 0.75 billion will follow.
September 8, 2014
Buwog: The ATX of the Vienna Stock Exchange has a New Member
At today's meeting, the Index Committee has decided on changes in the composition of Austrian stock indices. All changes become effective as of 22 September 2014. In the Austrian leading index, ATX, Mayr-Melnhof Karton AG will be replaced by BUWOG AG.
September 2, 2014
S&P Downgrades Erste, RZB, UniCredit, Affirms HYPO NOE, KA Finanz, Upgrades HYPO OO
S&P is downgrading three banks, affirming the ratings on two banks, upgrading one bank, and lowering various issue ratings on the banks' hybrid capital and guaranteed grandfathered debt.
August 13, 2014
Bank Austria Posts Net Profit of EUR 776 Mln in H1 2014
Net profit rises by 34.3 per cent to EUR 776 million compared with the same period of the previous year.
August 6, 2014
VBAG Sold Private Equity Portfolio
Österreichische Volksbanken AG (VBAG) makes progress with the implementation of its restructuring program by selling a EUR 110 million portfolio of private equity fund investments and direct investments in German speaking countries and Eastern Europe.
July 31, 2014
Austrian Federal President Heinz Fischer Signs Hypo Special Act into Law
After intensive testing, together with the former President of the Constitutional Court and current adviser to the President, Prof. Dr. Ludwig Adamovich, Federal President Heinz Fischer has decided to carry out the notarization of the adopted bill and thus clear the way for review by the Constitutional Court.
July 31, 2014
Analysis: Russia - Assessment of EU and Tightened US Sanctions
Special analysis covering the most recent escalation in terms of Western economic and financial sanctions against Russia: EU and US sending bold diplomatic signals without inflicting too much near-term economic and financial damage. In comparison to the US sanctions by the EU are capped in duration. Recent escalation adds to uncertainty in doing business with Russia, which is an ultimate goal of sanctions. Near-term impact of current sanctions still limited, which implies a risk that they may remain for longer.
July 31, 2014
Volksbank Romania Sells EUR 495 Million NPL Real Estate Portfolio
Volksbank Romania has reduced its non-performing loans portfolio (NPLs) through the sale of a NPL real estate portfolio with an aggregate volume of € 495 million. The Bank has sold the large-volume real estate financing commitments to an international investors consortium composed of Deutsche Bank, AnaCap Financial Partners LLP, H.I.G Capital International Advisers and APS Holding SE. With this transaction, Volksbank Romania has reduced its NPL portfolio to a NPL ratio of below 8%, below the average in Romania's banking system.
July 28, 2014
RBI Raiffeisen Bank International Swallows Centrobank
Raiffeisen Centrobank (RCB), which is the investment vehicle of Raiffeisen group, will be integrated into its parent RBI Raiffeisen Bank International.
June 30, 2014
Hypo Alpe-Adria-Bank AG Changes Its Corporate Name to Austrian Anadi Bank AG
HYPO ALPE-ADRIA-BANK AG, former Austrian subsidiary of HYPO ALPE-ADRIA-BANK INTERNATIONAL AG, adopted a change in corporate name to Austrian Anadi Bank AG by means of an amendment to the articles of association approved at the extraordinary shareholder's meeting held on 16 June 2014.
June 27, 2014
Sevelda: "RBI to Increase the Cost Reduction Even More"
Raiffeisen Bank International must not only save 450 million euros, but about 600 million euros, says CEO Karl Sevelda.
June 16, 2014
Sevelda: “Russia Still Crucial Market”
In the light of the close ties with regard to economic and energy relations with Russia Karl Sevelda, CEO of Raiffeisen Bank International (RBI) warns about the tightening of penalties against Russia.
May 23, 2014
Erste Group Bank AG: Voting Results of the 21st AGM - New Board Members
Erste Group Bank AG increased the number of its supervisory board members to eleven.
May 22, 2014
Erste Group Bank AG: Voting Results of the 21st AGM
Erste Group Bank AG has published the voting results of the 21st Annual General Meeting, which took place on 21 May 2014 at 10 a.m., as follows.
May 22, 2014
High Potential for Austrian Investments in Moldova
Austria is one of the most active countries in the CESEE region ranking first in foreign direct investments (FDI) in many countries.
May 22, 2014 · Updated: May 22, 2014; 13:05
Fischer: Room for Further Trade with Albania
Austrian President Heinz Fischer was paying a visit to Western Balkan States.
May 22, 2014
Austrian Oberbank Shines in Hungary
Austrian Oberbank bucks the trend of terminating business activity in Hungary. Instead, the financial institute plans on growing in one of the most difficult markets in Europe.
May 22, 2014
Billionaire Sheikh Al Jaber Sues Immoconsult and the Schwarzenberg Foundation
Due to a failed hotel project in Vienna real estate affiliate of Volksbank, Immoconsult, is facing a lawsuit by the Austrian/Saudi Arabian investor Mohamed Al Jaber.
May 21, 2014 · Updated: May 21, 2014; 18:51
Romania: Banca Transilvania Gives Shares to Employees
As part of the loyalty program, the Romania lender gave almost 10 million shares to its employees.
May 12, 2014
Czech Arca Capital to Invest in Romania
As reported by daily E15, Czech investment group Arca Capital is planning to make a huge investment in Romania.
May 12, 2014
South Korean Bank Preparing for Business in CEE
Shinhan Bank, one of the largest banks in the South Korea, will open branches in Poland.
May 12, 2014
World Bank Approves Health Loan to Croatia
The Croatian government will use the World Bank’s funds for a national health program.
May 9, 2014
Romania: Raiffeisen Bank Issues Unsecured Bonds
Raiffeisen announced plans of issuing unsecured bonds at the stock exchange in Bucharest with a nominal value of RON 500m (€ 112.8m) with a maturity of five years.
May 9, 2014
Poland: Banking Industry’s Profits Down
In the first quarter this year, the net profit of Polish banks came at PLN 3.97bn (€ 944m, down by 2.9 percent year-on-year, as reported by the Polish financial market regulator KNF.
May 9, 2014
Sanction Imposed on Expobank
Russian-Latvian Expobank was added to the Canada’s black list.
May 9, 2014
Verbund: Trying to Get Rid of Sorgenia
The Austrian utility Verbund announced not being willing to invest any further money into loss-making Italian energy group Sorgenia.
May 8, 2014
Hypo Group to Shut Down Subsidiaries in Italy
Until the end of this year five subsidiaries in Italy will be closed.
May 6, 2014
Agenda Austria 2020: Economy = State
The think tank Agenda Austria 2020 is currently tackling the question what the “economy expects from the state”.
May 5, 2014
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